Trust in protection providers more than doubles following a purchase, ProtectX research finds
The top three purchasing priorities for existing protection policyholders are affordability (41%), free care/support services (40%) and big name provider (33%), consumer research conducted in June has suggested.
Interestingly, non-policyholders said that ‘evidence of claim payment' (30%) would be second in their list of purchasing priorities, after affordability (39%). However, this concern falls to just 13% for those who have already purchased a protection policy.
"The results would seem to suggest that there's still a perception and trust issue there for those that haven't already engaged with - and have an understanding of - how protection works and the insurer's purpose and ethos," said Suzanne Clarkson, managing director of Coach House Communications, who commissioned the research ahead of her recent ProtectX talk for Protection Review.
"But for those who have that engagement and understanding - namely existing policyholders - there is clearly a good level of trust on that score, evidenced by the fact that this aspect featured very low down in their list of purchasing priorities."
The research also revealed that out of existing policyholders, more women than men appear to trust their provider to pay out when needed.
Sixteen percent of men highlighted this as a purchasing concern, placing it fourth in their list of concerns. For women, it appeared down at sixth place in their list of concerns with just 8% highlighting it.
Trust is also a greater concern for older policyholders, the study also suggested. For those aged 55-plus, evidence of pay is second in their list or priorities, compared to fourth position for 25-54 year olds. For those aged 18 to 34, it's ranked fifth.
"Interestingly, the 18-34 age group also represents the only age category to not state ‘affordability' as the top purchasing priority," said Clarkson. "Instead, ‘the inclusion of free care and support services' represented their top priority when choosing protection."
"Maybe, for the younger generation at least, the insurance aspect has become a secondary concern behind support to stay healthy in body and mind."